Argo Blockchain plc is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$1.3
Price-to-book vs peers
Base case. Range ~$1.3–$56. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Argo Blockchain plc valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $16m, down 67.0% on a year earlier, a steeper fall than the 7.0% decline a quarter earlier. That puts it 40 of 40 for growth among the investment banking & brokerage companies we cover. The diluted share count is up 260.0% on a year earlier, which dilutes existing holders. Our price-to-book vs peers value is $1.26 a share, against a share price of $1.55.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Argo Blockchain plc's trailing-twelve-month revenue fell 67.0% year on year, with a free-cash-flow margin of -161.9%. Where it stands out: net margin of 32.8% ranks 5 of 40 investment banking & brokerage companies we cover. Where it lags: revenue growth of -67.0% ranks 40 of 40 investment banking & brokerage companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -67.0% (-60.0pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for ARBK from the sources we follow. See filings →
We value Argo Blockchain plc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$58 ~$61–$130 | Left out: out of range vs price (38.80x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.3 ~$15–$56 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.3 ~$1.3–$56 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Argo Blockchain plc with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $21m | +87% |
| Next | — | — | $24m | +12% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q4 | $98.7M |
| FY22 Q4 | $58.6M |
| FY23 Q4 | $50.6M |
| FY24 Q4 | $47M |
| FY25 Q4 | $15.5M |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q4 | -40.7% |
| FY23 Q4 | -13.7% |
| FY24 Q4 | -7.0% |
| FY25 Q4 | -67.0% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q4 | 55.6% |
| FY22 Q4 | -45.6% |
| FY23 Q4 | -39.0% |
| FY24 Q4 | -32.6% |
| FY25 Q4 | -86.3% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q4 | -143.9% |
| FY22 Q4 | -357.2% |
| FY23 Q4 | -97.1% |
| FY25 Q4 | -161.9% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 99 | 59 | 51 | 47 | 16 |
| Gross profit | 69 | 11 | 3 | 1 | 0 |
| EBITDA | 55 | −18 | −18 | −15 | −13 |
| Operating income | 55 | −27 | −20 | −15 | −13 |
| Net income | 39 | −229 | −35 | −55 | 5 |
| Diluted EPS | $216.00 | −$1036.80 | −$151.20 | −$194.40 | $4.97 |
| Growth (year on year) | |||||
| Revenue | — | −40.7% | −13.7% | −7.0% | −67.0% |
| EBITDA | — | −132.8% | — | — | — |
| Operating income | — | −148.6% | — | — | — |
| Net income | — | −686.0% | — | — | — |
| Diluted EPS | — | −580.0% | — | — | — |
| Margins | |||||
| Gross margin | 70.1% | 19.4% | 6.1% | 3.1% | 1.8% |
| EBITDA margin | 56.1% | −31.0% | −36.1% | −31.0% | −82.8% |
| Operating margin | 55.6% | −45.6% | −39.0% | −32.6% | −86.3% |
| Net margin | 39.6% | −390.8% | −68.5% | −117.2% | 32.8% |
| Free-cash-flow margin | −143.9% | −357.2% | −97.1% | — | −161.9% |
| Cash flow | |||||
| Cash from operations | −37 | −101 | −48 | −45 | −25 |
| Capital spending | 105 | 108 | 1 | — | 0 |
| Free cash flow | −142 | −209 | −49 | — | −25 |
| Stock-based pay | 3 | 6 | 4 | 4 | 3 |
| Free cash flow after stock pay | −145 | −215 | −53 | — | −28 |
| Balance sheet | |||||
| Cash | 16 | 20 | 7 | 9 | 2 |
| Total debt | 36 | — | — | — | 0 |
| Net debt (negative = net cash) | 20 | −20 | −7 | −9 | −2 |
| Diluted shares | — | — | — | — | 1m |
| Last 12 months unless stated | ARBK | NCTY | WTF | LGHL | AXG | GSIW | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $16m | $15m | $11m | $9m | $28m | $7m | $2.0bn |
| Revenue growth, last 12 months | −67.0% | −3.3% | 48.8% | 657.5% | 895.0% | 33.2% | 20.7% |
| Gross margin | 1.8% | 1.7% | — | −392.5% | — | — | 3.6% |
| Operating margin | −86.3% | −260.5% | −131.1% | −27.6% | 0.1% | — | −2.3% |
| Net margin | 32.8% | −373.0% | −136.7% | −52.8% | −47.4% | −190.1% | 5.8% |
| Cash from operations / revenue | −161.1% | −29.4% | −63.7% | −37.5% | −54.7% | −58.2% | 7.7% |
| Free-cash-flow margin | −161.9% | −76.5% | −66.6% | −37.6% | −55.3% | −59.6% | 5.2% |
| Stock pay / revenue | 17.1% | 107.6% | 63.7% | 2.3% | 11.5% | 62.2% | 4.7% |
| Change in share count | 260.0% | 62.0% | 15.4% | 37.0% | 674.4% | 7.7% | 1.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -67.0% | 20.8% | 40 of 40 |
| Change in growth rate Growth | -60.0pp | -0.3pp | 34 of 40 |
| Operating margin Profitability | -86.3% | -2.3% | 12 of 17 |
| Net margin Profitability | 32.8% | 6.0% | 5 of 40 |
| Stock pay as % of revenue Cash generation | 17.1% | 4.8% | 33 of 36 |
| Change in share count Balance sheet | 260.0% | 1.2% | 33 of 35 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Susquehanna International Group, LLP | $196,654 | 52K | 50.7% | ▲ 8.6% |
| Axecap Investments, LLC | $111,477 | 29K | 28.7% | New |
| Creative Planning | $76,019 | 20K | 19.6% | New |
| Rhumbline Advisers | $2,846 | 1K | 0.7% | 0.0% |
| Morgan Stanley | $661 | 0K | 0.2% | ▼ 93.5% |
| Sbi Securities Co., Ltd. | $258 | 0K | 0.1% | ▲ 1033.3% |
| Farther Finance Advisors, LLC | $30 | 0K | 0.0% | ▲ 700.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Argo Blockchain plc's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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